2022 Annual Report

Celeste’s “Seeds of Blessings” savings group in Cartagena, Colombia, has 18 members who commit to contributing the required weekly minimum amount of $0.21. As each member places their contribution in the savings box, members applaud and smile. The group builds up a pool of funds that are kept safe and can be loaned back out to each other. They are learning financial literacy skills, such as creating budgets, how to plan for financial emergencies, and how to work together as a family toward financial goals.

Dear friends,

We celebrate another year of remarkable progress: we are enabling farmers to grow more and earn more; increasing access for more children to get a quality education; and catalyzing resources for entrepreneurs. In 2022, we reached an additional 1.6 million school children; supported over 110,000 smallholder farmers in Africa; and worked with 8.4 million loan clients and over 16 million savings clients. Of those clients, 97% are women.

In 2022, we concluded a three-year strategic business plan catalyzing our reach to clients living in extreme poverty. The growth between 2019 and today demonstrates the effectiveness of our programs, the commitment of our field experts, and the resilience of our clients—all underscored by the passion of our supporters.

• The cumulative number of children accessing quality education grew from 5.3 million to 10.7 million.

• The cumulative number of smallholder farmers increased from 525,392 to 628,797.

• The total clients reached with loans grew from 6.6 million to 8.4 million—while clients with savings accounts multiplied from 9.9 million to 16.3 million.

• We increased our financial institution partners from 77 to 105, which is critical to our growth.

We also successfully concluded our historic, three-year Waymaker campaign, raising a transformational $101 million that will reach 25 million more people. Let us remember the words of Martin Luther King Jr. who encouraged us to “see that the whole Jericho road must be transformed” to create safe passage for all. Thank you for building with us.

With gratitude and blessings,

Atul Tandon Chief Executive Officer

Celeste, market vendor and savings group member, Colombia (Photograph by Edrei Eli Cueto Oñate)

Annual Impact by the Numbers

18.7M in capital released* $2.7B

clients served

33

97% countries where we work

of clients are women

105

Read our comprehensive 2022 Impact Report at opportunity.org/2022impact

Through her savings group, Janet Najjuko gained access to training, financial resources, and support that enabled her to successfully open her school. Her business not only generates income for her family but also benefits the community. Now, children in Janet’s rural community have an accessible school within walking distance. Her persistence sparks brighter futures for all her students, their families, and her community.

Children were suffering because schools were so far away from here. We decided to construct a nursery school. I knew how to teach children but I had limited capital to construct permanent buildings. Opportunity taught us how we can use things in the environment and make businesses. I looked around and cut trees [for wood to build the school]. I want my children to be very important people in the world.”

— JANET NAJJUKO, SCHOOL FOUNDER AND SAVINGS GROUP TREASURER, UGANDA

*Value of loans made by Opportunity’s financial institution partners across Education Finance, Agriculture Finance, and Microbanking programs globally

Partnering for Impact

Opportunity International’s efficiency and impact are tied deeply to our partnerships. Like-minded mission partners including corporate foundations, family foundations, social impact investors, and government entities walk alongside our clients as they make their way out of generational poverty.

Opportunity has partnered with the United States Agency for International Development (USAID) for over 30 years, working together to support entrepreneurs, grow businesses, and increase access to quality education. Last year, Visa Foundation awarded Opportunity a $2 million grant to provide loans, digital tools, and specialized technical training to women-led small and microbusinesses in the Democratic Republic of the Congo, Ghana, Nigeria, and Uganda. We celebrate the power of partnerships in driving sustainable change, recognizing that ending extreme poverty requires cooperative action.

Farmer training in Rwanda

Where does my dollar go?

$1

10 times

Your investment equips our financial partners with the resources and expertise they need to serve our clients with loans, seed funding, and technical support.

As a result, every dollar goes farther. Local partners loan out, on average, 10 times what is donated by leveraging loans and social capital. This means that more dollars are put to work in the hands of people living in poverty than are donated—a strong stewardship return on your philanthropic investment.

Successful $101M Waymaker Campaign

A waymaker helps clear a path in a challenging and unpredictable landscape so that fellow travelers can have a chance at a better life. Opportunity International’s Waymaker Campaign, launched in January 2020, aimed to raise $100 million to provide $1 billion in loans, investments, training, and support for families and smallholder farmers living in poverty. Thanks to the generosity and commitment of the Opportunity family, the campaign surpassed its goal, raising $101 million that will enable us to serve more than 25 million people living in endemic poverty.

Joel Johnson, former President, CEO, and Chairman of Hormel Foods Corporation Inc., and his wife Beth Johnson served as co-chairs. He noted, “The exponential outreach these funds will enable in communities of extreme poverty is a muchneeded beacon of hope in this world.” Warren Staley, former Chairman and CEO of Cargill, Inc., and his wife Mary Lynn Staley also served as co-chairs.

As a lifelong advocate for education, it is my passionate hope that this will create long-term success and income for families across the globe.”

— MARY LYNN STALEY, CAMPAIGN CO-CHAIR

Your gift develops the products and solutions—financing, training, and support—that our clients need.

Donor Investment

Multiplier

A Year of Opportunities

NEW AND OLD FRIENDS

Oikocredit announced an innovative, three-year collaboration to increase access to quality education through an investment of up to $100M in Opportunity’s financial institution partners.

Opportunity hosted a 50th Anniversary Summit, raising over $1 million and recognizing longstanding partners Credit Suisse and Cisco Foundation for their ongoing commitment to fighting poverty.

Keith Krach announced the creation of the Trusted Tech Microfinance Initiative, devoted to closing the digital divide in low-income countries through technology.

OPPORTUNITY CHANGE AGENT

Helen Musyoka is the school proprietor of Mountain View Academy in Machakos County outside Nairobi, Kenya—an area where girls’ education generally is not a priority. She has worked hard to not only build the school’s facilities but also the school’s positive culture, including initiatives to empower women and girls.

A TIME FOR REUNION

Dave Gardner hosted an event in North Carolina, bringing new supporters to Opportunity.

Girls are the cornerstone of a family. When a girl is educated, she is able to provide for her family [through] employment or self-employment.”

Jeannie Burns Buckner hosted an event in Minnesota to raise awareness and funds for Opportunity’s work in the Nakivale Refugee Settlement in Uganda.

The “Portrait of a Waymaker” event in Illinois brought together nearly 100 Opportunity supporters.

Insight Trips resumed with visits to three countries.

— HELEN MUSYOKA, SCHOOL PROPRIETOR, KENYA

Donor Insight Trip to Nicaragua

Helen Musyoka, Kenya

Milestones

YOUR TOP STORIES

most watched

10 inspiring client portraits narrated by Opportunity staff from around the world.

School students, Uganda

education finance

Since launching in 2012, EduFinance has:

Reached 10.1 million children

Invested $500M+ into the education sector

Partnered with 110 financial institutions

Recognized by WISE, an initiative of Qatar Foundation, for positive contributions to education and society.

Travelers visited our work right from their living rooms on our Virtual Insight Trip to Uganda: Passport to Opportunity

Hear Adwoa’s Story in her own voice, a cocoa farmer and Opportunity Waymaker in Ghana.

most read

Life on the Margins: Meeting the Unique Needs of Refugees and Students in Uganda by

Allison Kooser

When One Plus One Equals Three: A Tale of a Unique Collaboration to Reach More Children Living in Poverty by Mauricio

Rincon

Reuters feature on Opportunity: Ghana’s Farmers Arm Against Freak Weather with Crop Insurance

FinDev blog: Locked out of Learning: Addressing the COVID-19 Education Crisis

Reopened Schools in Uganda

After 22 months of pandemic-related closures, nearly all of Opportunity EduQuality partner schools reopened in Uganda

agriculture finance

Released $50M+ in capital

Reached 150,000+ households

microbanking

Catalyzed $2.6B in loans

Created over 1.8M jobs through those loans

Serving over 16M clients with savings accounts

Financial Snapshot

Total Revenue $48.4 million

Total Expense $46.3 million

Program spending is 86% of all expenses

86% Programs

14% Fundraising, General, and Administrative Expenses

OPPORTUNITY INTERNATIONAL, INC. AND AFFILIATES

Consolidated Statement of Activities

Consolidated Statement of Financial Position

notes to financials

Opportunity’s programs are financed through charitable donations, earned income from its banking operations, and from focusing on deploying local funds and financial services provided by partner banks and other financial institutions to its clients. Opportunity implements its programs through a worldwide network of staff, branches, subsidiary banks, and local nongovernmental organizations, as well as local implementing partners— commercial, nonprofit, and microfinance institutions. Opportunity uses its charitable donations to invest equity and to fund its direct operations, especially in Education Finance, Agriculture Finance, Digital Financial Services, and supporting its implementing partners.

The Consolidated Statement of Activities includes charitable revenue and expenses, as well as the consolidated results of the commercial banks where Opportunity is the majority owner. Charitable support grew by 18% from $28M to $33M, due to the successful final year of the three-year Waymaker Campaign. Multiyear pledges increased by nearly $5M. Government revenue increased by $1.7M in 2022. Charitable yield to program remained steady year over year.

Yield to Program is 86% of total expenses.

The Consolidated Statement of Financial Position includes the charitable assets and liabilities, as well as the assets and liabilities of the majority-owned banks. Included in 2022 Other Assets is $6M of cash invested in corporate bonds and $2.5M of right of use assets, operating leases. There is a corresponding $2.5M right of use liability. The ratio of charitable assets to charitable liabilities is very strong at 5.5 as of September 30, 2022. The reduction in banking assets and liabilities is attributed to devaluation of Ghanaian currency.

Opportunity International’s consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles and were independently audited by BAKER TILLY US, LLP. The full audit report including schedule 2, Combining Schedules of Statements of Activities-Banking Operations, may be viewed at: opportunity.org/documents

U.S. Board

Katéy Assem

Chairman, Board of Directors, Opportunity International Savings & Loan, Ghana

Susan Haigh

Former President and CEO, Twin Cities Habitat for Humanity

Joel Johnson

Former President, CEO and Chairman, Hormel Foods Corporation, Inc.

Janelle Muntz Lassonde

Former banker and independent author

Jane Nelson

Former Vice President, Bank of America

Dale Patterson, Board Vice Chair

President, The Bourton Group

Former Chair and CEO, Opportunity International Canada

Carol Pelino

Former Co-Chair, Board of Governors

Opportunity International

LeAnn Pedersen Pope, Board Chair

Former Partner, Burke, Warren, MacKay & Serritella, P.C.

Fred Sasser

Chairman Emeritus, Sasser Family Holdings, Inc.

Atul Tandon

Chief Executive Officer, Opportunity International

Ken Wathome

Chairman of the Board, NW Realite Ltd., Property One Ltd., Kenya

Board of Directors as of July 15, 2023